Topic: What if bitcoin face a ban in INDIA? (Read 329 times)
I know India will not place any ban on cryptocurrency. She will follow China and reverse her earlier decision banning cryptocurrency. Though the case before the supreme court of India. I am of great optimistic that there will be a favorite decision to be made by the competent court of the land. But if the reverse becomes the case then India would have lost so much in their economic quest.
• People will start doing Hawala via Bitcoin
isn't it already without fee when you use fiat? so why would they use bitcoin?!!Quote
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
no, people won't be using something they acquire hard to pay for stuff when they can use fiat.Quote
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
bribes will continue to happen using fiat with or without a bitcoin ban because it is the most convenient and most anonymous way.Quote
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
that has nothing to do with a ban!!! they can do it anytime they want. and i still argue that the fees for this kind of conversion is still higher than using fiats.The Rupee has been shit for 30 years...Indians have always held gold because nobody trusts the Rupee or the banks.
Bitcoin already has a flourishing underground market in the country, people aren't going to be fooled by THAT Fiat.
If India did go ahead with the ban then it will only be temporary. Other countries will prosper with the new technology and as India falls behind the blockchain revolution they will lift the ban
No one can ban bitcoin,if they do means the things will happen as you said the governments will lose the income from the bitcoin transactions so it is better to make that revenue other than banning the crypto because whatever they will do they can't stop the bitcoin from transacted.
Nothing serious will happen if bitcoin ban in India. Bitcoin doesn't depend on the specific country if it will happen Indian crypto users will fall in problems for doing bitcoin transaction. But as bitcoin still not banned in India so we should not panic earlier but I have a doubt India government won't ban bitcoin.
India is not a big economy so it can not affect bitcoin much but a minor affect will be seen and mostly big economies and high currencies can affect bitcoin China is one which is powerful so miners are mostly there and large transaction can be done through there platforms so they will change the world so easily.
I do not think that any government can really ban an internet site or application or Bitcoin trading or mining since there is a lot of companies that provide good VPNs or VPSs and some people rent their laptops or computers and you can use them via TeamViewer so you can hide your IP.
The only way that the government can find you is if you are mining and you have a high electrical consumption the electrical company can detect that. So I would not worry about any government ban unless I start to mine.
The only way that the government can find you is if you are mining and you have a high electrical consumption the electrical company can detect that. So I would not worry about any government ban unless I start to mine.
The government can and has banned internet sites in India. The most recent case is the BAN of all porn sites. I'm not a 100% sure but I guess around 800 porn sites have been banned in India and network providers like Airtel, Jio, BSNL etc. are now complying with this new BAN.
As far as bitcoin goes. I think that if the government of India does BAN it then they know that the country will start to use bitcoin in illegal activities. The last thing a country like India needs is an increase in corruption. Maybe the country is backward but as far as I can tell it may be able to realize it's mistakes and well we can only hope for improvements.
Much will depend on what kind of ban will be. When it will be known what is prohibited, then it will be clear what needs to be done. I think that everything will be fine.
Simple to think of a ban, just something that is public and then there will be riots and then the order will change. The important thing that I care about, how long will this order be made, how many people will die for the order being dropped? All that thought is in my head and I'm waiting for the news
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• People will start doing Hawala via Bitcoin
isn't it already without fee when you use fiat? so why would they use bitcoin?!!Quote
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
no, people won't be using something they acquire hard to pay for stuff when they can use fiat.Quote
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
bribes will continue to happen using fiat with or without a bitcoin ban because it is the most convenient and most anonymous way.Quote
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
that has nothing to do with a ban!!! they can do it anytime they want. and i still argue that the fees for this kind of conversion is still higher than using fiats. Bitcoin is a decentralized digital currency, which can be transferred to anyone, anywhere in the world via internet without any mediation any from central authorities like bank or government.
Bitcoin is not controlled by any Government or Institution in the world. Hence no one can’t stop from trading (Buying / Selling) Bitcoins.
Let us assume that bitcoin faces ban in INDIA , then these are the things that will happen:
• People will start doing Hawala via Bitcoin
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
• Government will not be able to track Bitcoin transactions, they will lose on taxes
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
• India will lose to a global phenomenon
Whats your views about it?
Bitcoin is not controlled by any Government or Institution in the world. Hence no one can’t stop from trading (Buying / Selling) Bitcoins.
Let us assume that bitcoin faces ban in INDIA , then these are the things that will happen:
• People will start doing Hawala via Bitcoin
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
• Government will not be able to track Bitcoin transactions, they will lose on taxes
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
• India will lose to a global phenomenon
Whats your views about it?
the bitcoin is not ban in India it process on court
the court is postpone day by day
not yet confirmed,
,i think Government will not be able to track Bitcoin transactions, they will lose on taxes this reason is yes
I think that with time everyone will understand that btc is the best coin and India isn't an exception. to my mind, it is better to use it now and to buy for the long-term investment at the moment
I am sorry but i don'd agree on the above topic Scenario as posted, I would suggest a more meaningful topic should be allowed by the Admin.for posting, Ban on Bitcoin or Crypto currency has been hear from the start of the Crypto market, almost all government financial institution are all against the entry of Crypto into the main stream Market but look at the report now some are opening its door for Crypto user's, investor's.
I think that with time everyone will understand that btc is the best coin and India isn't an exception. to my mind, it is better to use it now and to buy for the long-term investment at the moment
Much will depend on what kind of ban will be. When it will be known what is prohibited, then it will be clear what needs to be done. I think that everything will be fine.
Soon enough every government and bank in the world is going to understand that the more you try to kill bitcoin, the stronger it becomes.
It is normal to have those "What if" questions but I think it can't help because it can create dismay to others. But if it will happened it is not that easy like a quick of the finger. First and foremost it was not run by a government.
India has long been negative about bitcoin. I think they are afraid of money laundering.
Japan was not scared. And legalized Bitcoin and this is a good example for many states.
Japan was not scared. And legalized Bitcoin and this is a good example for many states.
Bitcoin is a decentralized digital currency, which can be transferred to anyone, anywhere in the world via internet without any mediation any from central authorities like bank or government.
Bitcoin is not controlled by any Government or Institution in the world. Hence no one can’t stop from trading (Buying / Selling) Bitcoins.
Let us assume that bitcoin faces ban in INDIA , then these are the things that will happen:
• People will start doing Hawala via Bitcoin
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
• Government will not be able to track Bitcoin transactions, they will lose on taxes
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
• India will lose to a global phenomenon
Whats your views about it?
Bitcoin is not controlled by any Government or Institution in the world. Hence no one can’t stop from trading (Buying / Selling) Bitcoins.
Let us assume that bitcoin faces ban in INDIA , then these are the things that will happen:
• People will start doing Hawala via Bitcoin
• An underground market will develop with Bitcoin as currency. People will pay for all sorts of stuff with Bitcoins.
• Government will not be able to track Bitcoin transactions, they will lose on taxes
• Bribes will increase in Bitcoin. As Government does not recognise people will start paying bribes in Bitcoins
• People who want to transfer their funds from India, will convert their wealth in Bitcoins and move to another country
• India will lose to a global phenomenon
Whats your views about it?
The Rupee will die. It is already slipping constantly.
https://timesofindia.indiatimes.com/business/india-business/rupee-keeps-plunging-hits-another-record-low-of-71-27-against-us-dollar/articleshow/65665306.cms
We actually follow buying bitcoin in India, so people can find the on ramps and off ramps for bitcoin regardless of what the "rules" are. Anonymous exchanges still exist, decentralized exchanges are growing, the regulators can't change laws as quickly as this many crypto development teams are completing projects in the space.
https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india/
The countries with the worst performing currencies will continue to have these scare tactics pop up about banning bitcoin.
Plus the corruption scandals don't stop in the country.
https://www.bbc.com/news/world-asia-india-45988193
So people accept corrupt rule makers will keep making rules unfair or people find a better way to run the economy there that isn't corrupt.
The ban was mentioned by the Indian government a long time ago. But bans have yet to be enacted in this country, with many countries issuing bans on Bitcoin and Crypto, but that still can not restrict and control investors. The nature of Crypto is anonymous, so the ban does not control everything.
Its pretty hard to ban Bitcoin. And besides the situation in India is a bit different. Indian banks have been instructed to end their partnerships with costumers and businesses dealing with crypto currencies. Could this be the beginning of a ban - possibly but not necessarily.
If they ban crypto exchanges to operate in India you can just use a foreign exchange.
If they make it illegal for their citizens to do business with any exchange at all they can use VPN, socks and proxies and still continue with their dealings (although they would be breaking the law in that case).
If they ban crypto exchanges to operate in India you can just use a foreign exchange.
If they make it illegal for their citizens to do business with any exchange at all they can use VPN, socks and proxies and still continue with their dealings (although they would be breaking the law in that case).
Till the time Modi government rules the country, India will loose on many things. Because an orthodox and backward thinking government is as good as no government. The economy of india is already suffering big time for demonetization and I see no sign of rebound just as yet. So I simply don't expect that Modi government will ever legalize bitcoin or any other cryptos. Otherwise they wouldn't have stopped banking facility for crypto related companies. God save my country!
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